February Sales Down But Prices Remain Steady
I hope you and your family are enjoying a wonderful weekend and survived the house dumping of snow we received last night. The February Real Estate stats are out for Waterloo region and inventory is tight and sales continue to stay low as prices are remaining steady. Lets take a look at the numbers…
Sales volume set a new low for the month of February, with 439 homes sold, representing a decrease of 45.0 per cent compared to February 2022 and 31.5 per cent below the previous 5-year average for the month.
Once again, we experienced record low listing sales in February, Increased borrowing costs, coupled with a shortage of housing supply and strong demand, have put a strain on prospective buyers as affordability continues to be a top concern; however, home prices have remained stable for the past several months.
Total residential sales in February included 256 detached (down 45.3 per cent from February 2022), and 100 townhouses (down 33.3 per cent). Sales also included 55 condominium units (down 52.6 per cent) and 28 semi-detached homes (down 56.3 per cent).
In February, the average sale price for all residential properties in Waterloo Region was $758,698. This represents a 25.1 per cent decrease compared to February 2022 and a 0.6 per cent decrease compared to January 2023.
- The average price of a detached home was $877,884. This represents a 26.0 per cent decrease from February 2022 and a decrease 0.9 per cent compared to January 2023.
- The average sale price for a townhouse was $642,777. This represents a 25.6 per cent decrease from February 2022 and an increase of 2.7 per cent compared to January 2023.
- The average sale price for an apartment-style condominium was $461,322. This represents a decrease of 19.2 per cent from February 2022 and a decrease of 6.9 per cent compared to January 2023.
- The average sale price for a semi was $667,250. This represents a decrease of 25.8 per cent compared to February 2022 and an increase of 2.6 per cent compared to January 2023.
| MLS® Home Price Index Benchmark Price | ||||||
| Kitchener-Waterloo | Cambridge | |||||
| Benchmark Type: | February 2023 | Monthly % Change | Yr./Yr. % Change | February 2023 | Monthly % Change | Yr./Yr. % Change |
| Composite | $726,500 | 3.0 | -24.2 | $742,300 | 1.6 | -25.3 |
| Detached | $822,800 | 4.2 | -24.8 | $770,800 | 1.8 | -27.0 |
| Townhouse | $588,500 | 0.9 | -22.3 | $637,400 | -0.2 | -13.8 |
| Apartment | $473,800 | -1.6 | -14.3 | $492,100 | 0.9 | -7.6 |
Limited supply and the small number of listings coming to the market continues to be a trend within the region. There may be some hesitation for those considering selling their property due to decreased reported sale prices; however, with demand continuing to outpace supply and prices stabilizing, sellers are in a healthy position to make their move coming into a spring market.
Although prices have fallen more than 20 per cent from their peak in February 2022, they remain significantly higher than three years ago, which is great news for our local market.
There were 671 new listings added last month, a decrease of 37.1 per cent compared to February of last year and a 24.8 per cent decrease compared to the previous ten-year average for February.
The total number of homes available for sale in active status at the end of February was 692, an increase of 75.2 per cent compared to February of last year and 38.0 per cent below the previous ten-year average of 1117 listings for February.
The number of months of inventory is up 140.0 per cent compared to February of last year, but still historically low at 1.2 months. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.
The average number of days to sell in February was 20, compared to 8 days in February 2022. The previous 5-year average is 16 days.
Average Sales Price – Municipality
Average Sales Price – Township
Monthly Sales By Property Type
Monthly Supply of Homes for Sale
Monthly Median Sales Price – By Property Type
Monthly Average Sales Price – By Property Type
Monthly Average Days on Market
The Real Estate market is changing very quickly, so If you are thinking of buying or selling this spring, wondering what the neighbor’s place sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com
Enjoy a wonderful March with your families!
Kevin
Condo sales in may slow and inventory levels are up in Kitchener, Waterloo and Cambridge
I hope you and your family are doing well. Summer is here so make sure you get out and enjoy the nice weather. I for one am looking forward to some well deserved vaction time out of my house 🙂
May stats are out and the market continues to be a little slower than what we have been used to over the past 3-4 years. There were 661 residential homes sold in May, a decrease of 22.7 per cent compared to the same month last year, and 5.5 per cent below the previous 5-year average.
The increase by the Bank of Canada to the key interest rate in April had the predictable result of knocking some buyers down if not out of the market in May unfortunatley. While the impact to prices is small, it has had a critical impact on some buyers and what they can now afford.
Total residential sales in May included 404 detached (down 16.7 per cent from May 2021), and 115 townhouses (down 38.5 per cent). Sales also included 95 condominium units (down 12.0 per cent) and 47 semi-detached homes (down 36.5 per cent).
In May, the average sale price for all residential properties in the Kitchener-Waterloo area was $875,194. This represents a 18.3 per cent increase over May 2021 and a 3.5 per cent decrease compared to April 2022.
- The average price of a detached home was $1,016,834. This represents a 17.0 per cent increase from May 2021 and a decrease 4.2 per cent compared to April 2022.
- The average sale price for a townhouse was $708,722. This represents a 17.7 per cent increase from May 2021 and a decrease of 7.2 per cent compared to April 2022.
- The average sale price for an apartment-style condominium was $545,825. This represents an increase of 19.7 per cent from May 2021 and a decrease of 9.1 per cent compared to April 2022.
- The average sale price for a semi was $730,768. This represents an increase of 10.7 per cent compared to May 2021 and a decrease of 7.0 per cent compared to April 2022.
KWAR cautions that average sale price information can be useful in establishing long-term trends but should not be used as an indicator that specific properties have increased or decreased in value. The MLS® Home Price Index (HPI) provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next.
The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $848,600 in May. This represents a 15.1 per cent increase over May 2021 and a 4.7 per cent decrease compared to April 2022.
- The benchmark price for a detached home was $945,800. This represents a 14.6 per cent increase from May 2021 and 4.9 per cent decrease compared to April 2022.
- The benchmark price for a townhouse is $728,300. This represents a 22.6 per cent increase from May 2021 and a 5.1 per cent decrease compared to April 2022.
- The benchmark price for an apartment-style condominium was $550,100. This represents a 26.9 per cent increase from May 2021 and a 1.8 per cent decrease compared to April 2022.
With the announcement from the Bank of Canada about another interest rate hike this week we may see a resurgence of buyers who have locked in at a lesser rate, but as borrowing costs continue to increase, we should expect demand will continue to soften, particularly in the more entry-level segment of the market.
There were 1,422 new listings in KW and area last month, an increase of 33.9 per cent compared to May of last year, and a 40.4 per cent increase compared to the previous ten-year average for May.
The total number of homes available for sale in active status at the end of May was 902, an increase of 98.2 per cent compared to May of last year, and 28.8 per cent below the previous ten-year average of 1267 listings for May.
The number of months of inventory increased to 1.6 months in May from 1.2 months in April. While inventory is still at historic lows, this is the highest it’s been since September 2019. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.
The average number of days to sell in May was 11 days, compared to 9 days in May 2021. The previous 5-year average is 16 days. This number can show as a bit skewed though as many homes are listing, not receiving offers and then cancelled and reslisted a few weeks later showing up as a new listing and keeping the days on market lower than what truely is happening.
I think what you have to remember is that even though the market is starting to pull back and its taking a little longer to sell homes, we are still in a historically great market for buying and selling. Don’t let all the negative news hype out there affect your bias on things.
Historical Sales By Property Type
Months Supply of Homes for Sale
Historical Median Sales Price – By Property Type
Historical Average Sales Price – By Property Type
If you are thinking of buying or selling this summer, wondering what the neighbor’s place sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com
Enjoy the nicer weather and have a great June!
Kevin
Inventory UP, Sales UP and Prices up for Waterloo Region Real Estate
I hope you and your family are doing well. Looks like this weekend we will have some nice weather in Waterloo Region so hopefully spring is around the corner. The February stats are out and the market is still moving higher. Lets take a look at the numbers…
The 600 residential homes sold last month is almost on par with February 2021, and an increase of 48.5 per cent compared to the previous month. The previous ten-year average number of residential sales for February is 424.
In January we reported that the average price of a detached home crossed the million-dollar mark for the first time in December. Now in February, we have reached a new milestone with the average sale price of all residential property types coming in at just over one million dollars in the Kitchener-Waterloo and area. While I think it’s premature to suggest this is the new norm, it does reflect the continued appeal of Waterloo Region to buyers. We also need to be aware and recognize the impact this has on affordability for a growing number of people.
Total residential sales in February included 331 detached (down 2.1 per cent from February 2021), and 110 condominium units (up 7.8 per cent). Sales also included 44 semi-detached homes (down 4.3 per cent) and 115 townhouses (up 2.7 per cent).
In February, the average sale price for all residential properties in the Kitchener-Waterloo area was $1,007,109. This represents a 33.6 per cent increase over February 2021 and a 5.6 per cent increase compared to January 2022.
- The average price of a detached home was $1,214,067. This represents a 33.1 per cent increase from February 2021 and an increase of 5.3 per cent compared to January 2022.
- The average sale price for an apartment-style condominium was $572,731. This represents an increase of 37.4 per cent from February 2021 and an increase of 6.9 per cent compared to January 2022.
- The average sale price for a townhouse was $862,994. This represents a 41.6 per cent increase from February 2021 and an increase of 2.1 per cent compared to January 2022.
- The average sale price for a semi was $917,535. This represents an increase of 33.8 per cent compared to February 2021 and an increase of 8.0 per cent compared to January 2022.
The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $974,600 in February. This represents a 36.8 per cent increase over February 2021 and a 5.4 per cent increase compared to January 2022.
- The benchmark price for a detached home was $1,090,000. This represents a 38.2 per cent increase from February 2021 and 5.0 per cent increase compared to January 2022.
- The benchmark price for an apartment-style condominium was $ 464,400. This represents a 33.8 per cent increase from February 2021 and a 6.1 per cent increase compared to January 2022.
- The benchmark price for a townhouse is $729,900. This represents a 41.9 per cent increase from February 2021 and a 7.0 per cent increase compared to January 2022.
The low listing inventory is not because people are not selling their homes, in fact we saw a spurt in the number of new listings in February, but with homebuying demand still going strong, competition remains high, and homes were snapped up quickly.
There were 806 new listings added to the MLS® System in KW and area last month, an increase of 9.5 per cent compared to February of last year, and a 24.3 per cent increase compared to the previous ten-year average for February.
The total number of homes available for sale in active status at the end of February was 290, a decrease of 2.7 per cent compared to February of last year, and 70.3 per cent below the previous ten-year average of 975 listings for February.
The number of months of inventory nudged up to 0.5 months in February from 0.3 months in January. Inventory has been under the one-month mark since October 2020. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.
The average number of days to sell in February was 8 days, compared to 10 days in February 2021 and a previous 5-year average of 19 days.
Historical Sales By Property Type
Months Supply of Homes for Sale
Historical Median Sales Price – By Property Type
Historical Average Sales Price – By Property Type
If you are thinking of buying or selling this spring, wondering what the neighbor’s place sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com
Enjoy the nice weather this weekend and have a great March!
Kevin
Waterloo Region 2021 Real Estate Market Update
Happy New Year! I truely hope that you and your family enjoyed a wondeful holiday season and 2022 brings you a renewed sense of normal that we are all certainly looking forward too after the last couple of years.
2021 was another crazy year for Real Estate here in Waterloo Region. We blew away records in sales volume and the average price for a single detached home surpassed the 1 million dollar mark for the first time ever.
Lets look at all the numbers…
The 7,581 residential homes sold in 2021 represent an increase of 18.3 per cent compared to last year’s record-setting number of sales that ended the year 2020.
On a monthly basis, there were 344 residential homes sold last month, a decrease of 1.7 percent compared to the same month last year.
Home sales in 2021 have absolutely smashed last year’s record by more than 1,000 units. While this is a good time to sell your home, it remains a tremendously difficult market for buyers. Affordability for all types of housing within our community continues to be a concern which we expect to continue throughout 2022.
Total residential sales in December included 177 detached (down 12.4 percent from December 2020), and 56 condominium units (down 11.1 percent). Sales also included 23 semi-detached homes (up 9.5 percent) and 88 townhouses (up 37.5 percent).
For 2021 total residential sales included 4,272 detached (up 10.8 percent), and 1,127 condominium units (up 43.4 percent). Sales also included 578 semi-detached homes ( up 31.1 percent) and 1,602 townhouses ( up 20.9 percent).
In December, the average sale price for all residential properties in the Kitchener-Waterloo area was $842,014. This represents a 32.5 per cent increase over December 2020 and a 2.5 per cent increase compared to November 2021.
- The average price of a detached home was $1,021,353. This represents a 34.7 per cent increase from December 2020 and an increase of 3.4 percent compared to November 2021.
- The average sale price for an apartment-style condominium was $500,352. This represents an increase of 30.6 percent from December 2020 and an increase of 1.0 percent compared to November 2021.
- The average sale price for a townhouse was $717,475. This represents a 39.4 per cent increase from December 2020 and an increase of 2.1 percent compared to November 2021.
- The average sale price for a semi was $770,246. This represents an increase of 33.5 percent compared to December 2020 and an increase 7.3 percent compared to November 2021.
On a year-to-date basis, the average sale price for all residential properties in the Kitchener-Waterloo area increased 25.8 per cent to $770,596 compared to 2020.
- The year-to-date average price of a detached home was $920,726. This represents a 28.0 percent increase compared to 2020.
- The year-to-date average sale price for an apartment-style condominium was $448,208. This represents an increase of 17.3 compared to 2020
- The year-to-date average sale price for a townhouse was $632,875. This represents an increase of 34.9 percent compared to 2020.
- The year-to-date average sale price for a semi was $673,543. This represents an increase of 29.4 percent compared to 2020.
KWAR cautions that average sale price information can be useful in establishing long-term trends but should not be used as an indicator that specific properties have increased or decreased in value. The MLS® Home Price Index (HPI) provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next.
The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $851,700 in December. This represents a 32.1 per cent increase over December 2020 and a 3.2 per cent increase compared to November 2021.
- The benchmark price for a detached home was $945,600. This represents a 33.5 per cent increase from December 2020 and 3.3 percent increase compared to November 2021.
- The benchmark price for an apartment-style condominium was $412,700. This represents a 21.1 percent increase from December 2020 and a 3.7 percent increase compared to November 2021.
- The benchmark price for a townhouse is $647,000. This represents a 40.0 percent increase from December 2020 and a 3.0 per cent increase compared to November 2021.
There were 291 new listings added in KW and area last month, an increase of 1.7 percent compared to December of last year, and a 14.6 percent increase compared to the previous ten-year average for December.
On a year-to-date basis, there were 9,040 new listings added in KW and area in 2021, an increase of 11.5 percent compared to 2020, and a 3.8 percent increase compared to the previous ten-year annual average.
The total number of homes available for sale in active status at the end of December was 104, a decrease of 45.3 percent compared to December of last year, and 85.7 percent below the previous ten-year average of 727 listings for December.
The number of months of inventory touched an all-time low of 0.2 in December. Inventory has settled at under 1 month for fourteen consecutive months. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.
Supply not keeping up with demand was the new normal in 2021, and unfortunately I expect that will continue to be the case in the year ahead. We need all levels of government working together to bring more supply into the housing market.
The average number of days to sell in December stayed at 10 days, compared to 16 days in December 2020 and a previous 5-year average of 28 days.
The average days to sell in 2021 was 10 days, compared to 16 days in 2020 and a previous 5-year average of 22 days.
If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca.
Have a wonderful January and enjoy all the winter activities the region has to offer.
Kevin
November hits record sales and low inventories for Kitchener Waterloo condo market
I hope you and your family are doing well. Looks like winter is here and christmas is just around the corner.
The stats are out for November and it was another crazy month in the Waterloo region’s real estate market. Lets look at the numbers…
There were 597 residential homes sold last month setting a new record high for November. Compared to the same month last year, November sales were up 4.4% and on par with last month. The previous ten-year average number of residential sales for November is 446.
The elevated pace of home sales we’ve seen for the past year and a half showed no sign of slowing down in November, despite some speculation of there being a housing market correction in store for Waterloo Region.
Total residential sales in November included 324 detached (down 3.9 per cent from November 2020), and 106 condominium units (up 27.7 per cent). Sales also included 30 semi-detached homes (down 25 per cent) and 136 townhouses (up 21.4 per cent).
In November, the average sale price for all residential properties in the Kitchener-Waterloo area was $821,969. This represents a 28.9 per cent increase over November 2020 and a 2 per cent decrease compared to October 2021.
- The average price of a detached home was $990,447. This represents a 31 per cent increase from November 2020 and a decrease of 0.6 per cent compared to October 2021.
- The average sale price for an apartment-style condominium was $494,548. This represents an increase of 23.5 per cent from November 2020 and an increase of 7.1 per cent compared to October 2021.
The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $825,000 in November. This represents a 34.1 per cent increase over November 2020 and a 2.6 per cent increase compared to October 2021.
- The benchmark price for a detached home was $915,800. This represents a 35.8 per cent increase from November 2020 and 3.2 per cent increase compared to October 2021.
- The benchmark price for a townhouse is $627,900. This represents a 45.5 per cent increase from November 2020 and a 4.0 per cent increase compared to October 2021.
Lack of supply continues to be the driver in November, with inventory hitting an all time low, it is a tough time to be house hunting right now.
There were 605 new listings added to the MLS® System in KW and area last month, an increase of 3.2 per cent compared to November of last year, and a 14.6 per cent decrease compared to the previous ten-year average for November.
The total number of homes available for sale in active status at the end of November was 207, a decrease of 40.2 per cent compared to November of last year, and 80.7 per cent below the previous ten-year average of 1,071 listings for November.
The number of months of inventory reached an all time low of 0.3 in November. Inventory has settled at under 1 month for thirteen consecutive months. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.
The average number of days to sell in November stayed at 10 days, compared to 14 days in November 2020 and a previous 5-year average of 24 days.
The housing market typically slows down around the holiday season, but we are seeing a busier than normal December. There is growing anxiety out there among buyers caused by the fear of missing out against rumblings of interest rates eventually going up in the year ahead.
Historical Sales by Property Type
Months Supply of Homes for Sale
Historical Median Sales Price – By Property Type
Historical Average Sales Price – By Property Type
If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca.
Have a wonderful holiday season with your family and a prosperous 2022!
Kevin
The Trend Continues for Condos Prices here in Waterloo Region
I hope you and your family are doing well. The kids are back in school and fall seems to be here. Thanksgiving is next weekend and Halloween will be here before we know it.
I wanted to give you a quick update on the housing numbers for last month. A total of 506 residential homes sold last month, a decrease of 32.1 per cent compared to last September and a decrease of 5.9 per cent compared to August. While the total number of homes sold last month was down considerably compared to last September, it can still be considered an above average month of activity when we remember that last September smashed any previous September for number of sales. In fact, I would say we are on track for setting a record number of annual sales in 2021.
Total residential sales in September included 267 detached (down 37.3 per cent from September 2020), and 83 condominium units (down 11.7 per cent). Sales also included 41 semi-detached homes (down 21.2) and 115 townhouses (down 33.5 per cent).
In September, the average sale price for all residential properties in the Kitchener-Waterloo area was $792,599. This represents a 24.2 per cent increase over September 2020 and a 5.7 per cent increase compared to August 2021.
- The average price of a detached home was $963,646. This represents a 24.9 per cent increase from September 2020 and an increase of 7.9 per cent compared to August 2021.
- The average sale price for an apartment-style condominium was $497,949. This represents an increase of 28.6 per cent from September 2020 and an increase of 12.4 per cent compared to August 2021.
- The average sale price for a townhouse was $646,026. This represents a 35.7 per cent increase from September 2020 and an increase of 3.7 per cent compared to August 2021.
- The average sale price for a semi was $686,316. This represents an increase of 26.1 per cent compared to September 2020 and an increase of 0.5 per cent compared to August 2021.
The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $784,200 in September. This represents a 33.0 per cent increase over September 2020 and a 3.5 per cent increase compared to August 2021.
- The benchmark price for a detached home was $869,220. This represents a 34.2 per cent increase from September 2020 and 3.8 per cent increase compared to August 2021.
- The benchmark price for an apartment-style condominium was $392,600. This represents a 21.5 per cent increase from September 2020 and a 3.1 per cent increase compared to August 2021.
- The benchmark price for a townhouse is $581,700. This represents a 40.0 per cent increase from September 2020 and a 2.4 per cent increase compared to August 2021.
There were 698 new listings added last month, a decrease of 23.4 per cent compared to September of last year, and a 13 per cent decrease compared to the previous ten-year average for September.
The total number of homes available for sale in active status at the end of September was 345, a decrease of 35.3 per cent compared to September of last year, and 73.2 per cent below the previous ten-year average of 1,285 listings for September.
Home prices reached all new highs in September, and while there is a growing call to add more transparency to how real estate is traded in Ontario —the brutal reality of this market is that supply is simply not keeping up with demand and that is what is driving up prices.
The number of months of inventory nudged up slightly from August’s 0.4 months to half a month in September. Inventory has settled at under 1 month for the past 11 consecutive months. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.
If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca.
Have a wonderful rest of your week and Happy Thanksgiving!
Kevin
Inventory is tight in Kitchener Waterloo Condo market
I hope you and your family are enjoying the last few days of summer before back to school starts. The weather the past week has been beautiful and I bet the kids must be so excited to be back with their friends again.
I thought with fall approaching you would like a quick update on the Waterloo region housing market. A total of 535 residential homes sold last month, a decrease of 22.1 per cent compared to last August’s record-smashing month, and a decrease of 12.3 per cent compared to July.
While sales were down relative to last month and last August, they remained well above average. The main reason for the decrease is simply that last month was the first full month in Step 3 of the reopening, and people are tired of being locked down. They got out and enjoyed their summer and shifted their real estate needs to the back burner for a much-needed change of focus.
Total residential sales in August included 299 detached (down 30.6 per cent from August 2020), and 80 condominium units (down 1.2 per cent). Sales also included 38 semi-detached homes (down 2.6) and 118 townhouses (down 13.2 per cent).
In August, the average sale price for all residential properties in the Kitchener-Waterloo area was $753,296. This represents a 19.3 per cent increase over August 2020 and a 0.3 per cent decrease compared to July 2021.
- The average price of a detached home was $895,756. This represents a 22.5 per cent increase from August 2020 and a decrease of 1.3 per cent compared to July 2021.
- The average sale price for an apartment-style condominium was $445,280. This represents an increase of 18.2 per cent from August 2020 and an increase of 3.7 per cent compared to July 2021.
- The average sale price for a townhouse was $623,767. This represents a 26.1 per cent increase from August 2020 and an increase of 0.1 per cent compared to July 2021.
- The average sale price for a semi was $683,048. This represents an increase of 26.5 per cent compared to August 2020 and an increase of 2.3 per cent compared to July 2021.
The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $757,900 in August. This represents a 29.5 per cent increase over August 2020 and a 1.2 per cent increase compared to July 2021.
- The benchmark price for a detached home was $837,100. This represents a 31.5 per cent increase from August 2020 and 1.8 per cent increase compared to July 2021.
- The benchmark price for an apartment-style condominium was $380,700. This represents a 11.7 per cent increase from August 2020 and a 1.3 per cent decrease compared to July 2021.
- The benchmark price for a townhouse is $568,000. This represents a 37.3 per cent increase from August 2020 and a 0.6 per cent increase compared to July 2021.
There were 590 new listings added to the MLS® System in KW and area last month, a decrease of 27.6 per cent compared to August of last year, and a 13 per cent decrease compared to the previous ten-year average for August.
The total number of homes available for sale in active status at the end of August was 255, a decrease of 53.6 per cent compared to August of last year, and 79.5 per cent below the previous ten-year average of 1,252 listings for August.
The number of homes coming to market continues to be overwhelmed by the number of homebuyers we have wanting to purchase in Waterloo Region.
The number of months of inventory persisted from the July level of 0.4 months in August. Inventory has numbered less than 1 month since October. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.
The average number of days to sell in August was 12 days, compared to 17 days in August 2020 and a previous 5-year average of 26 days.
If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca.
Have a wonderful rest of the long weekend and stay safe!
Kevin
Condo sales continue to hum along in waterloo region
Hope you and your family are enjoing your summer. The weather this weekend has been beautiful so i hope you have been able to get out and enjoy it.
The Real estate market here in Waterloo region continues to show incredible strength with low invetory and strong demand which is keeping prices humming in July.
The was a total of 611 residential homes sold last month, a decrease of 17 per cent compared to the record-setting results of July 2020, but still an above-average number of sales for the month of July.
Total residential sales in July included 339 detached (down 27.1 per cent from July 2020), and 91 condominium units (up 30 per cent). Sales also included 46 semi-detached homes (down 4.2) and 135 townhouses (down 11.8 per cent).
In July, the average sale price for all residential properties in the Kitchener-Waterloo area was $755,681. This represents a 18.2 per cent increase over July 2020 and a 0.6 per cent decrease compared to June 2021.
- The average price of a detached home was $907,192. This represents a 21.9 per cent increase from July 2020 and a decrease of 1.4 per cent compared to June 2021.
- The average sale price for an apartment-style condominium was $429,630. This represents an increase of 6.7 per cent from July 2020 and a decrease of 3.6 per cent compared to June 2021.
- The average sale price for a townhouse was $623,732. This represents a 33.8 per cent increase from July 2020 and an increase of 5.4 per cent compared to June 2021.
- The average sale price for a semi was $667,570. This represents an increase of 28.6 per cent compared to July 2020 and an increase of 2.9 per cent compared to June 2021.
The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $748,700 in July. This represents a 30.5 per cent increase over July 2020 and a 0.4 per cent increase compared to June 2021.
- The benchmark price for a detached home was $822,300. This represents a 31.1 per cent increase from July 2020 and 0.2 per cent increase compared to June 2021.
- The benchmark price for an apartment-style condominium was $385,900. This represents a 19.5 per cent increase from July 2020 and a 3.3 per cent increase compared to June 2021.
- The benchmark price for a townhouse is $564,500. This represents a 40 per cent increase from July 2020 and a 0.4 per cent decrease compared to June 2021.
The housing market took a bit of a breather last month and July is typically a quieter month with families taking vacation, and with the region coming out of lockdown there were certainly more staycations happening. But we do anticipate the market will pick up steam again and it will be another busy fall.
There were 675 new listings added to the MLS® System in KW and area last month, a decrease of 24 per cent compared to July of last year, and a 14.4 per cent decrease compared to the previous ten-year average for July.
The total number of homes available for sale in active status at the end of July was 281, a decrease of 52.7 per cent compared to July of last year, and 79.1 per cent below the previous ten-year average of 1,346 listings for July.
The number of months of inventory was 0.4 in July, a decline from 0.5 months in June. Inventory has numbered less than 1 month since October. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.
The average number of days to sell in July was 11 days, compared to 17 days in July 2020 and a previous 5-year average of 22 days.
Historical Sales By Property Type
Months Supply of Homes for Sale
Historical Median Sales Price – By Property Type
Historical Average Sales Price – By Property Type
If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca.
Have a wonderful rest of the weekend and stay safe!
Kevin
Condo Sales Continue To Smash Records in Waterloo Region
Hope you and your family have been doing well. The weather this weekend has been beautiful so i hope you have been able to get out and enjoy it
As for the Real estate market it is still going exceptionally strong and we continue to smash records.
Lets look at the stats…
Strong home sales continued in May once again posted a record-setting number of monthly home sales. There were 854 residential homes sold, an increase of 100.9 per cent compared to May 2020, and a 0.9 per cent increase compared to April 2021.
While last May home sales were restrained due to the pandemic, May 2021 was another extraordinary month of home buying and selling activity. Prior to 2020, the previous 10-year average number of residential sales for May was 656.
Total residential sales in May included 485 detached (up 85.8 per cent from May 2020), and 106 condominium units (up 152.4 per cent). Sales also included 74 semi-detached homes (up 72.1 per cent) and 188 townhouses (up 138 per cent).
In May, the average sale price for all residential properties in the Kitchener-Waterloo area was $740,103. This represents a 30.4 per cent increase over May 2020 and a 2.4 per cent decrease compared to April 2021.
- The average price of a detached home was $868,990. This represents a 32.6 per cent increase from May 2020 and a decrease of 3.4 per cent compared to April 2021.
- The average sale price for an apartment-style condominium was $457,935. This represents an increase of 38.6 per cent from May 2020 and an increase of 3.1 per cent compared to April 2021.
- The average sale price for a townhouse was $601,987. This represents a 33.7 per cent increase from May 2020 and a decrease of 1.8 per cent compared to April 2021.
- The average sale price for a semi was $659,975. This represents an increase of 36.8 per cent compared to May 2020 and an increase of 1.2 per cent compared to April 2021.
Last month the market took a breath and calmed a bit, but there is still very strong demand throughout our region. This started prior to the new mortgage stress test that came into effect on June 1. While these changes will impact the affordability for some, I do not expect it to be very impactful due to the sheer number of buyers in our market.
Average Sales Price – By Property Type
The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $749,100 in May. This represents a 35.8 per cent increase over May 2020 and a 0.4 per cent increase compared to April 2021.
- The benchmark price for a detached home was $815,800. This represents a 35.8 per cent increase from May 2020 and 0.8 per cent decrease compared to April 2021.
- The benchmark price for an apartment-style condominium was $373,700. This represents a 16.9 per cent increase from May 2020 and a 2.1 per cent decrease compared to April 2021.
- The benchmark price for a townhouse is $574,900. This represents a 49 per cent increase from May 2020 and a 0.5 per cent decrease compared to April 2021.
There were 1,061 new listings added in KW and area last month, an increase of 83.2 per cent compared to May of last year, and a 2.6 per cent increase compared to the previous ten-year average for May* (*calculated from 2010 to 2019 to adjust for the impact of the state of emergency on activity in May 2020).
The total number of homes available for sale in active status at the end of May was 448, a decrease of 20 per cent compared to May of last year, and 70.5 per cent below the previous ten-year average of 1,520 listings for May* (*calculated from 2010 to 2019 to adjust for the impact of the state of emergency on activity in May 2020).
The number of months of inventory was 0.7 in May, which is unchanged from April. Inventory has numbered less than 1 month since October. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.
The average number of days to sell in May was 9 days, compared to 21 days in May 2020 and a previous 5-year average of 20 days.
If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca.
Have a wonderful rest of the weekend and stay safe!
Kevin
Historical Sales By Property Type
Months Supply of Homes for Sale
Historical Median Sales Price – By Property Type
Historical Average Sales Price – By Property Type
April had 2nd Highest Sales on Record for Waterloo Region
Hope you and your family have been doing well. How are you surviving the lockdown? Personally this whole covid thing is getting a little old and I wish things could just go back to normal as i am sure you do too.
As for the Real estate market it is still going exceptionally strong and we had the 2nd highest sales on record for April!
Lets look at the stats…
Following last month’s record-smashing number of home sales, we posted the second-highest number of monthly home sales in April. There were 843 residential homes sold, an increase of 263.4 per cent compared to April 2020, and a decrease of 15.5 per cent compared to March 2021.
Even if we do not take into account April 2020, when Ontario was in the early days of its state of emergency, it was still an exceptional number of homes sold last month. The previous 10-year average number of residential sales for April was 618.
Total residential sales in April included 484 detached (up 233.8 per cent from April 2020), and 111 condominium units (up 382.6 per cent). Sales also included 67 semi-detached homes (up 294.1 per cent) and 181 townhouses (up 285.1 per cent).
In April, the average sale price for all residential properties in the Kitchener-Waterloo area was $757,906. This represents a 34.3 per cent increase over April 2020 and a 0.9 per cent decrease compared to March 2021.
- The average price of a detached home was $899,315. This represents a 36.9 per cent increase from April 2020 and an increase of 0.04 per cent compared to March 2021.
- The average sale price for an apartment-style condominium was $441,887. This represents an increase of 21.2 per cent from April 2020 and an increase of 4.2 per cent compared to March 2021.
- The average sale price for a townhouse was $612,550. This represents a 52.1 per cent increase from April 2020 and a decrease of 2.03 per cent compared to March 2021.
- The average sale price for a semi was $652,609. This represents an increase of 33.0 per cent compared to April 2020 and an increase of 0.18 per cent compared to March 2021.
We are starting to see home prices calm down in March and April compared to what was happening in January and February which is great news for buyers.
The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $742,800 in April. This represents a 40.4 per cent increase over April 2020 and a 0.6 per cent increase compared to March 2021.
- The benchmark price for a detached home was $809,000. This represents a 39.9 per cent increase from April 2020 and 1.0 per cent decrease compared to March 2021.
There were 1,098 new listings last month, an increase of 162.7 per cent compared to April of last year, and a 17.15 per cent increase compared to the previous ten-year average for April* (*calculated from 2019 to 2010 to adjust for the impact of the state of emergency on activity in April 2020).
The total number of homes available for sale in active status at the end of April was 458, a decrease of 21.8 per cent compared to April of last year, and 66.9 per cent below the previous ten-year average of 1,384 listings for April* (*calculated from 2010 to 2019 to adjust for the impact of the state of emergency on activity in April 2020).
The number of months of inventory was 0.7 in April, which is unchanged from March. Inventory has numbered less than 1 month since October. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.
The average number of days to sell in April was 9 days, compared to 19 days in April 2020 and a previous 5-year average of 21 days.
If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca.
Have a wonderful weekend and stay safe!
Kevin
Historical Sales By Property Type
Months Supply of Homes for Sale
Historical Median Sales Price – By Property Type
Historical Average Sales Price – By Property Type
Record Breaking Home and Condo Sales in Waterloo Region
Hope you and your family have been doing well and everyone is staying safe. Unfortunatley lockdowns are back for the next 4 weeks so i hope that things will get back to some kind of normal at some point this year.
As for the Real estate market it is still going exceptionally strong and we broke a total sales record in March! Even though everyone is saying there is no inventory that is not the case. There is lots of inventory but the buyers still out number the sellers with all the GTA buyers coming to scoop up properties.
Lets look at the stats from March…
March posted the highest number of monthly home sales in the board’s history. There were 993 residential homes sold, an increase of 72.7 per cent compared to March 2020, and an increase of 66 per cent compared to the previous month. The previous 10-year average number of residential sales for March is 552.
Total residential sales in March included 593 detached (up 69.4 per cent from March 2020), and 124 condominium units (up 82.4 per cent). Sales also included 79 semi-detached homes (up 216 per cent) and 197 townhouses (up 49.2 per cent).
In March, the average sale price for all residential properties in the Kitchener-Waterloo area was $765,393. This represents a 30.8 per cent increase over March 2020, and a 1.5 per cent increase compared to February 2021.
- The average price of a detached home was $899,460. This represents a 32.3 per cent increase from March 2020, and a decrease of 1.4 per cent compared to February 2021.
- The average sale price for an apartment-style condominium was $423,470. This represents an increase of 12 per cent from March 2020, and an increase of 1.6 per cent compared to February 2021.
- The average sale price for a townhouse was $622,258. This represents a 35.9 per cent increase from March 2020, and an increase of 2 per cent compared to February 2021.
- The average sale price for a semi was $652,669. This represents an increase of 32.5 per cent compared to March 2020, and a decrease of 4.8 per cent compared to February 2021.
On a year-over-year basis we continued to see huge price increases in the average price in March, however compared to February we are seeing some signs that perhaps prices may be starting to stabilize a bit.
The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $738,200 in March. This represents a 33.4 per cent increase over March 2020 and a 4 per cent increase compared to February 2021.
- The benchmark price for a detached home was $817,000. This represents a 34.4 per cent increase from March 2020 and 3.6 per cent increase compared to February 2021.
- The benchmark price for an apartment-style condominium was $358,700. This represents a 14.9 per cent increase from March 2020 and a 5.1 per cent increase compared to February 2021.
- The benchmark price for a townhouse is $554,900. This represents a 38.3 per cent increase from March 2020 and a 5.4 per cent increase compared to February 2021.
In addition to the record number of sales in March, we also had a record number of newly listed properties come on the market. The number of new listings last month was the most of any month, and the highest number since May of 2017 when there were 1,271 new listings.
There were 1,359 new listings added to the MLS® System in KW and area last month, an increase of 56.2 per cent compared to March of last year, and a 63.9 per cent increase compared to the previous ten-year average for March.
The total number of homes available for sale in active status at the end of March was 434, a decrease of 23.5 per cent compared to March of last year, and 63.5 per cent below the previous ten-year average of 1,188 listings for March.
The number of months of inventory was 0.7 in March and has numbered less than 1 month since October. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.
The average number of days to sell in March was 8 days, compared to 16 days in March 2020 and a previous 5-year average of 21 days.
Historical Sales By Property Type
Months Supply of Homes for Sale
Historical Median Sales Price – By Property Type
Historical Average Sales Price – By Property Type
If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca.
Have a wonderful weekend and stay safe!
Kevin
Euphoria Continues in the Kitchener Waterloo Condo Market
Hope you and your family have been doing well and everyone is staying safe. With lockdowns being lifted in many regions across Ontario, everyone is trying to get back to a normal life again. I will say that lockdowns or not, the housing market is starting to experience a little bit of euphoria from buyers in my opinion and certainly speculative buying. With many buyers especially from the GTA looking for homes in our region, it is pushing prices up fast.
Lets look at the stats from February…
There were 597 residential homes sold, an increase of 27.8 per cent compared to February 2020, and an increase of 66.7 per cent compared to the previous month. The previous 10-year average number of residential sales for February is 407.
Total residential sales in February included 337 detached (up 23.9 per cent from February 2020), and 101 condominium units (up 57.8 per cent). Sales also included 47 semi-detached homes (up 46.9 per cent) and 112 townhouses (up 13.1 per cent).
In February, the average sale price of all residential properties sold in 2021 increased by 32.1 per cent to $752,289 compared to the same month last year. Meanwhile, the average price of a detached home hit yet another new milestone by exceeding 900-thousand-dollars for the first time, coming in at $910,126 an increase of 35.4 per cent. During this same period, the average sale price for an apartment-style condominium was $415,322 for an increase of 11.9 per cent. Townhomes and semis sold for an average of $609,566 (up 37.5 per cent) and $684,787 (up 41.1 per cent) respectively.
We are continuing to see a dramatic increases in the average price in February due to the persistent and fierce competition for homes in our region combined with short supply, this is frustrating buyers in the hyper competitive market.
The low inventory and mortgage rates are resulting in multiple offers, higher prices and creating a fear they are missing out on the chance to become homeowners in this unprecedented market.
The rise in the average price we’ve been tracking the past several months has included some exceptional sale prices. That’s why this month and going forward we will also be including the MLS® HPI to provide a clearer picture of our local housing market trends.
The MLS® HPI is a sophisticated statistical model and more stable price indicator than average or median price measures because it considers how the features of a home affects its price – such as age, number of bedrooms, and number of bathrooms.
The MLS® Home Price Index composite benchmark price for all residential properties in Kitchener-Waterloo was $709,600 in February. This represents a 27.9 per cent increase over February 2020 and a 5.6 per cent increase compared to January 2021.
The benchmark price for a detached home was $788,500. This represents a 28.8 per cent increase from February 2020 and 6.1 per cent increase compared to January 2021.
The benchmark price for an apartment-style condominium was $341,200. This represents a 13.9 per cent increase from February 2020 and a 0.1 per cent increase compared to January 2021.
The benchmark price for a townhouse is $526,700. This represents a 33.1per cent increase from February 2020 and a 6 per cent increase compared to January 2021.
There were 737 new listings added to the MLS® System in KW and area last month, an increase of 21 per cent compared to February of last year, and a 15.7 per cent increase compared to the previous ten-year average for February.
The total number of homes available for sale in active status at the end of February was 295, a decrease of 33.6 per cent compared to February of last year, and 73 per cent below the previous ten-year average of 1,096 listings for February.
The number of months of inventory was 0.5 in February and has numbered less than 1 month since October. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.
The average number of days to sell in February was 10 days, compared to 17 days in February 2020 and a previous 5-year average of 33 days.
If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca.
Have a wonderful weekend and stay safe!
Kevin
It Was a Crazy Real Estate Market in Waterloo Region in January!!
Hope you and your family have been doing well and everyone is staying safe. With the lockdowns in place and the kids home from school it is definitely a different winter season indeed. There is some great news though… the Waterloo Region real estate market is still on FIRE! The average price of a detached home in the region hits a new milstone… Breaking $800,000… WOW!!!
There were 351 residential homes sold in January, an increase of 24.9 per cent compared to January 2020, and an increase of 1.4 per cent compared to the previous month. The previous 10-year average number of residential sales for January is 286.
Total residential sales in January included 201 detached (up 31.3 per cent from January 2020), and 71 condominium units (up 97 per cent). Sales also included 21 semi-detached homes (unchanged) and 56 freehold townhouses (down 17.6 per cent).
In January, the average sale price of all residential properties sold in 2021 increased by 23.9 per cent to $695,582 compared to the same month last year. Meanwhile, the average price of a detached home hit a new milestone by exceeding 800-thousand-dollars for the first time, coming in at $853,945 an increase of 27.3 per cent. During this same period, the average sale price for an apartment-style condominium was $383,196 for a decrease of 1.4 per cent. Townhomes and semis sold for an average of $566,345 (up 29 per cent) and $626,512 (up 29.3 per cent) respectively.
The median price of all residential properties sold in January increased 25.9 per cent to $680,000 and the median price of a detached home during the same period increased 23.3 per cent to $801,500.
With demand for homes in the region very strong, the consumer preference is leaning predominantly toward single detached homes. In January we saw buyers paying a premium for this property type, Conversely, even as condo sales were increasing in January, we saw prices for this style of housing soften by comparison.
Supply is just not able to keep up with continuing demand, much of it coming from the GTA, for the strong increases in home prices in Waterloo Region and in many other parts across the province. The number of months of inventory in Waterloo region has numbered less than 1 month since October. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.
There were 432 new listings added to the MLS® System in KW and area last month, a decrease of 7.4 per cent compared to January of last year, and 37.6 per cent decrease compared to the previous ten-year average for January.
The average number of days to sell in January was 16 days, compared to 22 days in January 2020 and a previous 5-year average of 30 days
If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca.
Have a wonderful weekend and stay safe!
Kevin
Recap of 2020 Home and Condo market in Waterloo region.
How was your Christmas and New years? Mother nature was nice enough to give us a white christmas and since then we have had some great weather to get outside and do some hiking or other winter activites. I know with covid it was a very different year for all of us but i trust you were able to get some time with family and friends in some form.
The stats are out and thought i would share them to keep you up to date on our crazy housing market. It was a year of fast paced upward movement in home and condo prices here in Waterloo Region. Have a look below to see the stats….
There were 6,492 residential homes sold in 2020, an increase of 9 per cent compared to 2019. Compared to previous years, 2020’s annual sales were 5 per cent above the previous 5-year average, and 11.6 per cent above the previous 10-year average.
On a monthly basis, there were 42 per cent more home sales compared to last year, with 351 home sales in the month of December.
December’s home sales were the highest on record for the month. This marks the sixth consecutive month of record home sales in Kitchener-Waterloo and helps propel 2020’s annual number of transactions over the 6,000-unit threshold for only the third time in our history.
Total residential sales in December included 204 detached (up 46.7 per cent), and 63 condominium units (up 34 per cent) which includes any property regardless of style (i.e., semis, townhomes, apartment, detached etc.). Sales also included 20 semi-detached homes (down 9.1 per cent) and 64 freehold townhouses (up 68.4 per cent).
For 2020, total residential sales included 3,899 detached (up 8.1 per cent), and 804 condominium units (up 18.9 per cent) which includes any property regardless of style (i.e., semis, townhomes, apartment, detached etc.). Sales also included 450 semi-detached homes (up 6.8 per cent) and 1,346 freehold townhouses (up 7 per cent).
In December, the average sale price of all residential properties sold in 2020 increased by 14.4 per cent to $634,545 compared to 2019. Detached homes sold for an average price of $755,618 an increase of 11.9 per cent compared to 2019. During this same period, the average sale price for an apartment-style condominium was $383,196 for an increase of 5.4 per cent. Townhomes and semis sold for an average of $514,760 (up 27.7 per cent) and $574,659 (up 20.2 per cent) respectively.
On a year-to-date basis, the average sale price of all residential properties sold in 2020 increased by 16.1 per cent to $612,521 compared to 2019. Detached homes sold for an average price of $719,203 an increase of 16.9 per cent compared to 2019. During this same period, the average sale price for an apartment-style condominium was $391,698 for an increase of 13.7 per cent. Townhomes and semis sold for an average of $468,891 (up 14.6 per cent) and $520,753 (up 18.3 per cent) respectively.
The median price of all residential properties sold last year increased 17.3 per cent to $575,000 and the median price of a detached home during the same period increased 15.7 per cent to $660,000.
With more people working from home, some permanently, space has become a greater concern than ever before. When you combine this with all the other great attributes of our region, it is no surprise that Waterloo Region is putting up these kinds of numbers.
Like many other parts of Ontario, low inventory has become a defining factor of Waterloo Region’s housing market and the new normal. The number of months of inventory remained at just 1 month or less throughout most of 2020.
For historical context, the number of months inventory in Kitchener-Waterloo between 2011 and 2015 averaged 4. Between 2016 and 2020 it was a monthly average of 1.5 months. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.
The average number of days to sell in 2020 was 16 days, compared to 23 days in 2019 and a previous 5-year average of 27 days.
Dollar volume of all residential real estate sold last year increased 26.5 per cent to $3.9 billion compared with 2019.
Looking to the year ahead, we should expect more of the same. Real estate continues to be one of the shining lights supporting the Ontario economy, so we do not expect to see any significant efforts to try to cool the market. Buyers should continue to expect stiff competition in Waterloo Region, and for sellers, there will continue to be a strong interest for all properties entering the market.
If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca.
Have a wonderful weekend and stay safe!
Kevin
4th Straight Record Setting Month for Condo Sales in Waterloo Region
Hope you had a great week and are looking forward to the nice weekend weather coming up. Enjoy them while you can as i am sure the snow is coming sooner than we would like.
It was the 4th record month in a row for monthly home sales in Kitchener Waterloo. The market is a very heated sellers market for sure with record prices seeminly coming up everyday.
There were 691 residential homes sold in October, the most ever recorded for the month. October’s home sales represented an increase of 28 per cent compared to the same month last year, and a decrease of 9.6 per cent compared to the previous month. The previous ten-year average number of residential sales for October is 471.
Total residential sales in October included 417 detached homes (up 25.6 per cent from October 2019), and 94 condominium apartments (up 34 per cent). Sales also included 134 townhouses (up 26.4 per cent) and 46 semi-detached homes (up 48.3 per cent).
The average sale price of all residential properties sold in October increased 19.4 per cent to $635,301 compared to the same month last year, while detached homes sold for an average price of $742,596 an increase of 21.7 per cent. During this same period, the average sale price for an apartment-style condominium was $395,627 for an increase of 14.8 per cent. Townhomes and semis sold for an average of $499,641 (up 15.6 per cent) and $539,434 (up 16.6 per cent) respectively.
The median price of all residential properties sold in October increased 19.2 per cent to $595,000 and the median price of a detached home during the same period increased 20.5 per cent to $686,000.
Real Estate continues to be one of the few shining lights to help Ontario’s economy recover from the pandemic. We’re continuing to see more buyers than sellers, including additional buyers migrating here from out of the region looking for the quality of life this region offers.
There were 783 new listings added last month, an increase of 16 per cent compared to October of last year, and 11.5 per cent more than the previous ten-year average for October.
The number of Months Supply (also known as absorption rate) continues to be very low at just 1 month for the month of October. The previous ten-year average supply of homes for October was 3.2 months, and in the past 5 years, the average supply for October was 1.8 months.
I can say unequivocally we are seeing strong demand from GTA buyers. What people want and need in a home, and where they want to be located has been redefined in a very short period. Waterloo region is quite rightly, a highly desirable place to own a home.
The average days to sell in October was 13 days, compared to 23 days in October 2019.
If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca.
Have a wonderful weekend and stay safe!
Kevin
Another Huge Month for Condo Sales in Waterloo Region
Hope you are having a great week and looking forward to the long weekend coming up. It will certainly be a different Thanksgiving for families this year. I hope that are you are able to spend some time quality with them 🙂
The stats are out for September and the market is still incredibly strong!
There were 758 residential homes sold in September, the most ever recorded for the month. September’s home sales represented an increase of 41.6 per cent compared to the same month last year, and an increase of 8 per cent compared to the previous month. The previous ten-year average number of residential sales for September is 460.
This is far more home sales then what we would normally see in September as buyers seem to continue to play catch up from the COVID-19 hindered spring market. While the pandemic has had devastating impacts on many aspects of our lives it has only solidified the importance of home and homeownership.
Total residential sales in September included 431 detached homes (up 28.6 per cent from September 2019), and 93 condominium apartments (up 127 per cent). Sales also included 178 townhouses (up 43.5 per cent) and 54 semi-detached homes (up 59 per cent).
The average sale price of all residential properties sold in September increased 17.5 per cent to $637,691 compared to the same month last year, while detached homes sold for an average price of $768,762 an increase of 25 per cent. During this same period, the average sale price for an apartment-style condominium was $390,690 for an increase of 13 per cent. Townhomes and semis sold for an average of $ 476,636 (up 8.7 per cent) and $544,874 (up 16.5 per cent) respectively.
The median price of all residential properties sold in September increased 13.7 per cent to $580,250 and the median price of a detached home during the same period increased 16.5 per cent to $676,000.
There has been more new listings coming to the market which is fantastic but buyer demand continues to outpace the supply and driving prices up.
There were 929 new listings added last month, an increase of 13 per cent compared to September of last year, and 17.7 per cent more than the previous ten-year average for September.
The number of Months Supply (also known as absorption rate) continues to be very low at just 1 month for the month of September. The previous ten-year average supply of homes for September was 3.3 months, and in the past 5 years, the average supply for September was 2.2 months.
The year-to-date number of residential sales has increased 2.6% over 2019 indicating that the decreased activity in April and May has been more than made up in the past four months.
We are seeing more and more people moving out of the core areas of Kitchener and Waterloo to the suburbs. This has put small pressure on condo sales and increased demand for single detached and townhomes in the region.
The average days to sell in September was 14 days, compared to 23 days in September 2019.
If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca.
Enjoy your Thanksgiving with your families!
Kevin
Another Record Month for Condo Sales in Kitchener Waterloo!
Hope you enjoyed a wonderful long weekend and are ready for the back to school season. Be mindful on the roads in the coming weeks with the little ones out and about.
It was another record setting month for home sales here in Waterloo Region. The market continues to be a serious sellers market with many mulitple offers on properly priced homes and condos. Here are some stats below to bring you up to date.
There were 686 residential homes sold through the Multiple Listing System (MLS® System) in August, the most ever recorded for the month. August’s home sales represented an increase of 48 per cent compared to the same month last year, and a decrease of 8 per cent compared to the previous month. The previous ten-year average number of residential sales for August is 470.
The market has been hot all summer after a slower spring market where most people were observing physical distancing guidelines, sales in August continued to be very active with demand continuing to outstrip supply forcing buyers to act quickly once again.
Total residential sales in August included 433 detached homes (up 61.5 per cent from August 2019), and 79 condominium apartments (up 38.5 per cent). Sales also included 138 townhouses (up 40 per cent) and 39 semi-detached homes (no change).
The average sale price of all residential properties sold in August increased 21 per cent to $634,409 compared to the same month last year, while detached homes sold for an average price of $734,427 an increase of 18.9 per cent. During this same period, the average sale price for an apartment-style condominium was $386,972 for an increase of 16 per cent. Townhomes and semis sold for an average of $495,932 (up 18.3 per cent) and $535,330 (up 21.1 per cent) respectively.
The median price of all residential properties sold in August increased 20.8 per cent to $597,955 and the median price of a detached home during the same period increased 17.4 per cent to $675,000.
There were 833 new listings added to the MLS® System in KW and area last month, an increase of 43.8 per cent compared to August of last year, and 26.4 per cent more than the previous ten-year average for August.
The number of Months Supply (also known as absorption rate) continues to be very low at just 1 month for the month of August. The previous ten-year average supply of homes for August was 3.3 months, and in the past 5 years, the average supply for August was 2.2 months.
The average days to sell in August was 16 days, compared to 26 days in August 2019.
If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca.
Enjoy your September!
Kevin
Condo Sales Surge in Kitchener Waterloo Cambridge and Guelph
Hope you enjoyed a wonderful long weekend and the beautiful summer weather we have been having.
It was another crazy month for home prices here in Waterloo Region. Competition stays very high for buyers looking to lock down a house in July. With the rules around covid relaxing and more people getting out with Phase 3 opening the demand for homes has increased for sure.
There were 734 residential homes sold in July, an increase of 25.7 per cent compared to the same month last year, and well above the previous ten-year average for July of 531.
Total residential sales in July included 464 detached homes (up 39.3 per cent from July 2019), and 65 condominium apartments (up 3.2 per cent). Sales also included 153 townhouses (up 4.8 per cent) and 52 semi-detached homes (up 23.8 per cent).
The average sale price of all residential properties sold in July increased 22.8 per cent to $639,814 compared to the same month last year, while detached homes sold for an average price of $745,149 an increase of 21.4 per cent. During this same period, the average sale price for an apartment-style condominium was $392,770 for an increase of 15.2 per cent. Townhomes and semis sold for an average of $465,756 (up 12.8 per cent) and $522,872 (up 20.4 per cent) respectively.
The median price of all residential properties sold in July increased 21.7 per cent to $595,000 and the median price of a detached home during the same period increased 17.4 per cent to $675,000.
With mortgage rates near all time lows homebuyers remain very confident about owning a home in Waterloo Region and I expect this to contunie going into the fall.
There were 888 new listings added, an increase of 4.3 per cent compared to July of last year, and 15.5 per cent more than the previous ten-year average for July.
The total number of homes available for sale in active status at the end of July was 592, a decrease of 32.6 per cent compared to July of last year.
The number of Months Supply (also known as absorption rate) continues to be very low at just 1.3 months for the month of July, 27.8 per cent below the same period last year. The previous ten-year average supply of homes for July was 3.1 months, and in the past 5 years, the average supply for July was 2.1 months.
The average days to sell in July was 17 days, compared to 22 days in July 2019.
Historical Sales By Property Type
Months Supply of Homes for Sale
Historical Median Sales Price – By Property Type
Historical Average Sales Price – By Property Type
Historical Sales – By Price Range
If you are thinking of buying or selling in the coming months or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca Stay healthy and stay safe!
Have a great weekend!
Kevin
June Condo Sales Spring back and Prices up in Waterloo Region
Hope you enjoyed a wonderful Canada Day, and are staying cool during our summer heat wave! The spring market may have been delayed due to Covid 19 but it has sprung back in a big way in June.
The number of homes sold in June shot up 57.6 per cent compared to May. There were 673 residential homes sold in June 2020, an increase of 2.1 per cent compared to June 2019, and an increase of 8.5 per cent compared to the previous 10-year average for June.
Total residential sales in June included 413 detached homes (up 1.7 per cent from June 2019), and 67 condominium apartments (up 36.7 per cent). Sales also included 134 townhouses (down 15.7 per cent) and 59 semi-detached homes (up 31.1 per cent).
Total residential sales during this second quarter (April, May, June) are down 33 per cent compared to last year. On a year-to-date basis, they are down 15.6 per cent.
I expect for the remainder of 2020 will see the number of home sales returning to near historical levels. There will be some catching up to do in the coming weeks, but I don’t think you will see the market taking the summer off.
The average sale price of all residential properties sold in June increased 12.8 per cent to $601,285 compared to the same month last year, while detached homes sold for an average price of $698,736 an increase of 13.2 per cent. During this same period, the average sale price for an apartment-style condominium was $372,392 for an increase of 13.2 per cent. Townhomes and semis sold for an average of $457,851 (up 11.4 per cent) and $504,816 (up 17.3 per cent) respectively.
The median price of all residential properties sold in June increased 14.4 per cent to $564,000 and the median price of a detached home during the same period increased 11.9 per cent to $650,000.
There were 920 new listings added in KW and area last month, the most added in a single month since May of last year, and 1.9 per cent more than the previous ten-year average for June.
The total number of homes available for sale in active status at the end of June was 640, a decrease of 28.7 per cent compared to June of last year.
The number of Months Supply (also known as absorption rate) continues to be very low at just 1.4 months for the month of June, 22.2 per cent below the same period last year. The previous ten-year average supply of homes for June was 3.22 months, and in the past 5 years, the average supply for June was 2.22 months.
The average days to sell in June was 16 days, compared to 20 days in June 2019.
Historical Sales By Property Type
Months Supply of Homes for Sale
Historical Median Sales Price – By Property Type
Historical Average Sales Price – By Property Type
Historical Sales – By Price Range
If you are thinking of buying or selling in the coming months or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca Stay healthy and stay safe!
Have a great week!
Kevin
April Condo Sales Down but Prices Are Steady in Kitchener Waterloo
Hope you have been staying safe during the past 2 months. It looks like things will start to open back up in stages and at some point things will be hopefully back to normal. Rest assured Yogi and I are here to help if you and your family need to make a move and we have the tools and systems in place for both buyers and sellers for proper marketing of our listings, getting buyers to view the properties, as well as ourselves to keep everyone safe.
I thought you would like an update on what is happening out there in the Waterloo Region Real Estate Market, so here are the stats for April.
There were 227 residential homes sold through the Multiple Listing System in April, a decrease of 63.6 per cent compared to the same month last year, and the lowest number of sales in a single month since December 2008.
I think it goes without saying the current pandemic has had a major impact on the number of sales we would normally see in April, with everyone doing their part to flatten the curve and doing their best to self-isolate, the buying and selling of homes have been greatly reduced.
Total residential sales in April included 145 detached homes (down 63.3 per cent), and 22 condominium apartments (down 71.1 per cent). Sales also included 44 townhouses (down 61.1 per cent) and 16 semi-detached homes (down 60 per cent).
The average sale price of all residential properties sold in April increased 7.3 per cent to $568,738 compared to the same month last year, while detached homes sold for an average price of $657,042 an increase of 7.3 per cent. During this same period, the average sale price for an apartment-style condominium was $367,230 for an increase of 8.1 per cent. Townhomes and semis sold for an average of $406,463 (up 0.4 per cent) and $491,816 (up 13.3 per cent) respectively.
The median price of all residential properties sold in April increased by 7.1 per cent to $525,000 and the median price of a detached home during the same period increased 6.3 per cent to $605,000.
There were 417 new listings added to the MLS® System in KW and area last month, a decrease of 54.8 per cent compared to April of 2019, far fewer than the previous 10-year average of 937 listings in April.
The total number of homes available for sale in active status at the end of April was 571, a decrease of 36.6 per cent compared to April of last year.
The number of Months Supply (also known as absorption rate) continues to be very low at just 1.2 months for the month of April, 36.8 per cent below the same period last year. The previous ten-year average supply of homes for April was 2.95 months, and in the past 5 years, the average supply for April was 2.12 months.
I am confident that despite the current pandemic, the slowdown in housing sales will be temporary. We are still in a strong sellers’ market and with buyers competing for a scare number of listings, now is still a great time to buy. Now for the first time in a long time, April saw some balance with a sales-to-new-listings ratio of 54 percent – well within the balanced threshold. I have talked to some buyers expecting homes to sell at greatly reduced amounts, and frankly, that’s simply not the case. Home values have remained stable which I expect will continue into 2020.
The average days to sell in April was 19 days, compared to 21 days in April 2019.
Historical Sales By Property Type
Months Supply of Homes for Sale
Historical Median Sales Price – By Property Type
Historical Average Sales Price – By Property Type
Historical Sales – By Price Range
If you have any questions or concerns at all, give me a call or text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca . Stay healty and stay safe!
Have a great week!
Kevin
In Like a Lion and Out Like a Lamb for Condo Sales here in Waterloo Region
Hope you have been staying safe during this unique time in all our lives. Rest assured Yogi and I are doing everthing we can to prevent the spread by staying home as much as posssible and limiting client interactions to phone calls, facetime, zoom meetings, etc. We are both here to help if you and your family need to make a move and we have the tools and systems in place for both buyers and sellers for proper marketing of our listings, getting buyers to view the properties, as well as ourselves to keep everyone safe.
I thought you would like an update on what is happening out there in the Waterloo Region Real Estate Market, so here are the stats for March.
There were 577 residential homes sold in March, an increase of 13.1 per cent compared to the same month last year, and 0.2 per cent below the previous 5-year average.
During the first quarter of 2020, there were 1,327 home sales, 14.6 per cent above last year’s result for the same period and 4 per cent above the previous 5-year average.
Total residential sales in March included 348 detached homes (up 7.1 per cent), and 68 condominium apartments (up 5.1 per cent). Sales also included 136 townhouses (up 17.2 per cent) and 25 semi-detached homes (up 4.2 per cent).
The average sale price of all residential properties sold in March increased 15.3 per cent to $583,752 compared to the same month last year, while detached homes sold for an average price of $679,728 an increase of 15.9 per cent. During this same period, the average sale price for an apartment-style condominium was $378,443 for an increase of 17.9 per cent. Townhomes and semis sold for an average of $457,547 (up 23 per cent) and $492,752 (up 17.4 per cent) respectively.
The median price of all residential properties sold in March increased 14.6 per cent to $544,500 and the median price of a detached home during the same period increased 16.2 per cent to $628,500.
Now of course is this not business as usual for us as Realtors or our clients. As people everywhere follow instructions to only leave their homes for essential reasons, this is impacting the number of showings, and how properties are shown.
There were a higher than average number of homes listed during the Month of March. There were 864 new listings added to the MLS® System in KW and area last month, an increase of 7.6 per cent compared to March of 2019, and the greatest number since 2015. The number of new residential listings was also 3.7 per cent higher than the previous ten-year average for March.
The total number of homes available for sale in active status at the end of March was 535, a decrease of 35.9 per cent compared to March of last year.
Despite the much-needed addition of new inventory coming to the market, the number of Months Supply (also known as absorption rate) continues to be very low at just 1.1 months for the month of March, 35.3 per cent below the same period last year. The previous ten-year average supply of homes for March was 2.73 months, and in the past 5 years, the average supply for March was 1.94 months.
There were also 51 listings last month that were suspended, which means the listing is temporarily “off-market,” and there can be no marketing, showings or offers during this period.
Trying to sell your home while in quarantine, self-isolating or worse yet, while someone in the house is sick, is not going to be in anyone’s best interest. We know many people are postponing their plans to list their home for the time being. As I mentioned earlier, if you find yourself in a situation where you need to buy or sell then rest assured Yogi and I are ready to help and have the tools in place to market, show and sell your home. The number of sales is keeping pace with the new listing inventory so there are still buyers out there looking to buy. We are doing everything we can to keep everyone safe during this time.
Historical Sales By Property Type
Months Supply of Homes for Sale
Historical Median Sales Price – By Property Type
Historical Average Sales Price – By Property Type
Historical Sales – By Price Range
If you have any questions or concerns at all, give me a call or text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca . Stay healty and stay safe!
Have a great weekend
Kevin
Covid-19 Update on Kitchener Waterloo Condo Market for March 22-28
I hope you and your family are staying safe and home isolating during these unique and trying times. I am postive that we will come through this stronger and hopefully not take for granted that with friends or dinners out with the family.
I have had several clients and friends reach out to me on what is happening in our current real estate market, so i thought i would put together a couple of brief slides to show you what is currently happening. With everyone being asked to stay home obviously the market has seen slowing of showing activity for homes that are currently on the market. We have also seen a slow down of new listings that have hit the Mls system for Waterloo region.
In the past 10-14 days the showings have dropped off considerably which would be expected given what is happening. This is an Ontairo slide but is very reflective of our local market as well.
Now does that mean that homes are not selling? No, that is not true.. Homes are selling but things are taking a little bit longer than usual and not the “norm” that we have seen over the past 5 years. There are still people that have bought a home prior to this all happening and need to sell their existing home. There are also people that have sold their home and need to buy their next one.
We are still seeing subdued showing activity and have taken strong measures to help both buyers and sellers stay safe when an in person showing is necessary. Buyers are also using current technology such as virtural tours and facetime walk throughts etc. Our first priority is to make sure that our clients and ourselves are staying healthy and safe.
Below is a graph of last weeks activity on our Waterloo Region Real Estate Board.
You can see that there were 141 sales last week, which means homes that had offers on them firmed up or had offers come in that had no conditions. There are 37 homes that received offers with conditions that were accepted and 210 new listings hit the market. The closed sales are homes that were sold firm in the past months that closed and the buyers took posession. There were also 65 cancelations which are sellers that may have taken them off the market for now due to lack of activity or Covid 19.
I hope that you find this info helpful to answer any questions or concerns that you are been thinking about during your time at home. As always feel free to reach via text or phone at 519-497-4646, messanger on facebook or we can talk on skype etc. We are not doing an in person meetings during this time and we also utitlze electionic signatures for paperwork that is needed to be completed or for listing a home etc.
It may not be “business as usual” but as an essential service we are open for business. Luckily we can do most of our business from home and online when needed to do so. We are here to help.
Have a great weekend and stay safe.
Kevin
Strong February Condo Sales in Waterloo Region
Hope you have been enjoying the mild winter we have been having so far even with the latest blast of snow. Spring is right around the corner along with the nice weather and very busy spring market. The stats for february are in it was another strong month of home sales here in Kitchener Waterloo.
There were 467 residential homes sold in February, an increase of 36.5 per cent compared to the same month last year, and 15.3 per cent above the previous 10-year average.
Total residential sales in February included 272 detached homes (up 52 per cent), and 62 condominium units (up 14.8 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 32 semi-detached homes (up 33.3 per cent) and 101 freehold townhouses (up 18.8 per cent).
The average sale price of all residential properties sold in February increased 16.3 per cent to $571,023 compared to the same month last year, while detached homes sold for an average price of $673,825 an increase of 13.2 per cent. During this same period, the average sale price for an apartment-style condominium was $371,923 for an increase of 16.4 per cent. Townhomes and semis sold for an average of $443,382 (up 12.9 per cent) and $485,831 (up 8.4 per cent) respectively.
The median price of all residential properties sold in February increased 18.2 per cent to $550,050 and the median price of a detached home during the same period increased 18.6 per cent to $630,000.
Like many other markets across the province, the story of our local housing market continues to be one of supply and demand. Market-wide, the number of homes available for sale is simply not keeping up with the number of people wanting to purchase a home in the Kitchener-Waterloo area.
There were 609 residential properties listed in KW and area last month, an increase of 7.8 per cent compared to February of 2019, and a decrease of 5.9 per cent in comparison to the previous ten-year average for February. The total number of homes available for sale in active status at the end of February was 447, a decrease of 39.4 per cent compared to February of last year, and 62 per cent below the previous ten-year average of 1,179 listings for February. The number of Months Supply (also known as absorption rate) in February was just 0.9 months, 40 per cent below the same period last year. The previous ten-year average supply of homes for February was 2.55 months, and in the past 5 years the average supply for February was 1.76 months.
With a multitude of buyers jumping on a scarcity of properties for sale, many homes are selling for more than the asking price. Using a realtor will ensure you have maximum exposure to these buyers through the MLS® System and will manage the intricate process of any multiple offers professionally.
The average days to sell in February was 17 days, compared to 26 days in February 2019.
Historical Sales By Property Type
Months Supply of Homes for Sale
Historical Median Sales Price – By Property Type
Historical Average Sales Price – By Property Type
Historical Sales – By Price Range
If you have any questions or have been thinking of making a move this spring, give me a call or text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca . Now is a fantastic time to get top dollar for your home so lets sit down, grab a coffee and plan out a strategy that is best suited for your families needs.
Have a great weekend
Kevin
Available Condo units continue to elude Buyers here in Kitchener Waterloo and Cambridge
Hope you have been enjoying the mild winter we have been having so far and Valentines day is just around the corner. The January market stats are out and it seems like the trend we have been seeing in the market is continuing once again.
There were 281 residential homes sold in January, a decrease of 8.2 per cent compared to the previous month. Contrasted to previous Januarys however, home sales last month were only 3.6 per cent below the previous 10-year average, and 3.8 per cent below the previous 5-year average.
For the third consecutive month sales were down in January, which is a direct result of fewer homes being put up for sale. This is causing further price acceleration as we have enough willing and able home buyers contending for those few homes that are available.
Total residential sales in January included 153 detached homes (down 19 per cent), and 39 condominium units (up 18.2 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 21 semi-detached homes (on par) and 68 freehold townhouses (up 7.9 per cent).
The average sale price of all residential properties sold in January increased 15.7 per cent to $561,029 compared to the same month last year, while detached homes sold for an average price of $670,944 an increase of 18.8 per cent. During this same period, the average sale price for an apartment-style condominium was 382,636 for an increase of 26.1 per cent. Townhomes and semis sold for an average of $439,765 (up 20.3 per cent) and $484,190 (up 18.7 per cent) respectively.
The median price of all residential properties sold in January increased 17.3 per cent to $536,000 and the median price of a detached home during the same period increased 22.6 per cent to $650,000.
Buyer’s can’t buy what’s not there. The available number of homes for sale, or lack thereof, continued to evade home buyers in January. There is no doubt we would be reporting more sales if we had the inventory to match the demand.
There were 464 residential properties listed in KW and area last month, a drop of 21.1 per cent compared to January of 2019, and a decrease of 35.4 per cent in comparison to the previous ten-year average for January. The total number of homes available for sale in active status at the end of January was 392, a decrease of 38.7 per cent compared to January of last year, and 63.7 per cent below the previous ten-year average of 1,080 listings for January. The number of Months Supply (also known as absorption rate) in January was just 0.8 months, 38.5 per cent below the same period last year. The previous ten-year average supply of homes for January was 2.32 months, however, in the past 5 years the average supply for January was 1.96 months.
The average days to sell in January was 22 days, compared to 27 days in January 2019.
Historical Sales By Property Type
Months Supply of Homes for Sale
Historical Median Sales Price – By Property Type
Historical Average Sales Price – By Property Type
Historical Sales – By Price Range
If you have any questions or have been thinking of making a move this spring, give me a call or text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca . Now is a fantastic time to get top dollar for your home so lets sit down, grab a coffee and plan out a strategy that is best suited for your families needs.
Have a great Valentines Day!
Kevin
KW Condos and Lofts.com 